Feb. 8 (Bloomberg) -- Bragg Communications Inc., a provider
of television and telephone services, plans to lower the rate it
will pay on a $300 million term loan, according to a person with
knowledge of the transaction.

The interest rate on the debt will be reduced to 2.75
percentage points more than the London interbank offered rate
and the loan will be sold at par, said the person, who asked not
to be identified because the information is private. Libor, a
rate banks say they can borrow in dollars from each other, will
have a 75 basis-point floor. A basis point is 0.01 percentage
point.

Lenders are being offered six months of soft-call
protection of 101 cents, meaning the company would have to pay 1
cent more than face value to refinance the debt during the first
six months.

The transaction will close after the 101 soft-call
protection on the existing loan expires on March 1, according to
the person.